Bitcoin Price Starts to Rebound

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07/02/2018 22:33 WIB

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Bitcoin Exchange Rate Movement Against the US Dollar (January 2, 2017 - February 7, 2018)

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Bitcoin Exchange Rate Movement Against the US Dollar (January 2, 2017 - February 7, 2018)

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Bitcoin's price, which surged over 1,400% last year, was capitalized on by investors to realize their profits. According to Bloomberg data, the cryptocurrency's price plummeted to its lowest level at US$5,966/BTC. However, in trading on Wednesday (February 7th) until 9:25 PM WIB, Bitcoin reversed course and was traded at US$8,225, equivalent to approximately Rp 111 million.

The volatility in global stock markets and the significant price drop were used by holders of the digital currency introduced by Satoshi Nakamoto to make purchases. As a result, the Bitcoin price returned to the US$8,000/BTC level.

Bitcoin's price has been on a downward trend since the end of last year due to investor concerns about hacking and its rejection as currency in various countries. Until February 7th, 2018, the price of Bitcoin had fallen 42.5% from its position at the end of last year and also dropped 56% from its highest point on December 18th, 2017, at US$18,674.48/BTC.

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."